FIGURE 12.10 Historical Returns, Standard Deviations, and Frequency Distributions: 1926-2016 Average Standard Frequency Distribution Series Return Deviation Large-company stocks 12.0% 19.9% lal Small-company stocks 16.6 31.9 Long-term corporate bonds 6.3 8.4 Long-term government 6.0 9.9 bonds Intermediate-term 5.3 5.6 government bonds U.S. Treasury bills 3.4 Inflation 3.0 The 1933 small-company pany stocks total return was 142.9 percent. Source: Morningstar, 2017, author calculations